The ICICI Bank Platinum Chip Credit Card is a lifetime free credit card, and a great choice for those who value a free card, and those who are just starting their credit card journey.
In this review, we will go through the different elements of this credit card in-depth , from cost and fees details to rewards and special offers; to determine whether it would be a good fit for your credit card needs.
Brief Summary
Our View
The ICICI Bank Platinum Chip Credit Card is best for those who want a lifetime free card. Such cards are attractive for those who do not want to do a cost benefit analysis of various cards, and for those who do not want to keep a track of their annual card spends (since many cards offer annual fee waivers based on yearly card spends).
However, such cards usually come with a comparatively lower reward rate.
ICICI Bank Platinum Chip Credit Card
Special Benefits
Lifetime free card
Other Benefits
–
Minimum Income
Not specified
Annual Fee
Zero
Annual Fee Offers
–
Pros and Cons of ICICI Bank Platinum Chip Credit Card
Pros
- The card is a great choice for those who value a lifetime free card
- Its also a great credit for those who are beginning their credit journey, since such entry level cards may have the easiest eligibility criteria
Cons
- The reward rate of 0.25% – 0.50% on retail purchases is quite low compared to other cards.
Full Review of the ICICI Platinum Chip Card
Features & Benefits of ICICI Platinum Chip Card
Reward Points System & Benefits
| 0.50% benefit on all purchases | You earn 2 reward points worth ₹0.50 (50 paise), on every ₹ 100 you spend on all purchases. Since 1 reward point = ₹0.25 or 25 paise. Exception – – No reward points are given on fuel purchases. – 0.25% benefit on utilities and insurance spends : You earn 1 reward point worth ₹0.25 (25 paise), on every ₹ 100 you spend on utilities and insurance spends. |
Shopping, travel & lifestyle benefits – attractive discounts & cash back offers
ICICI Bank Platinum Chip Credit Card is a collaboration between 2 reputed organisations – ICICI Bank and Visa. Hence you can access a variety of shopping, travel and lifestyle benefits from ICICI Bank and Visa
| Exclusive shopping, travel and lifestyle offers from ICICI | You get attractive discounts & cashback offers on your shopping, travel and lifestyle needs For latest list of offers, please click here ICICI Shopping, Travel & Lifestyle Offers |
| Enjoy dining offers from ICICI Bank ‘Culinary Treats Programme’ | Under the ICICI Bank Culinary Treats Programme, you enjoy attractive dining discounts & cashback offers – including Swiggy, Zomato, Eazydiner etc |
| Your Visa Privileges | – Visa platinum concierge : Your 24/7 digital personal assistant and lifestyle guide, giving you access to extraordinary experiences and exclusive privileges. – Offers from Visa : enjoy a variety of exclusive hotel, dining, shopping, and other lifestyle offers when you travel in Asia – Global customer assistance : helps you block your card, get a replacement card and also get emergency cash Please click here to view details of all Visa benefits Visa Offers & Benefits |
1% fuel surcharge waiver
You get a 1% fuel surcharge waiver on fuel transactions under ₹4000
Fees and Charges
Annual fee & other important charges
| Fee | |
|---|---|
| Annual fee | Nil (lifetime free card) |
| Finance charges | 3.40% per month |
| Card over-limit fees | 2.50% on the over-limit amount (subject to a minimum of ₹550) |
| Foreign transaction fee | 3.50% of transaction amount |
Late payment fee : please see below table
Late payment fee depends on the bill amount due –
| Total bill amount due | Late payment charges (w.e.f Feb 10, 2022) |
|---|---|
| Less than ₹100 | None |
| ₹100 to ₹500 | ₹100 |
| ₹501 to ₹5,000 | ₹500 |
| ₹5,001 to ₹10,000 | ₹750 |
| ₹10,001 to ₹25,000 | ₹900 |
| ₹25000 to ₹50000 | ₹1000 |
| More than ₹50,000 | ₹1200 |
Important Note
– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– To view all/updated fees & charges on this card, please click here – ICICI Bank Platinum Chip Credit Card Fees & Charges
Eligibility Criteria
| Minimum age | 23 years or above |
| Occupation | Salaried or self-employed |
| Other criteria | Regular source of income, good credit score , low credit utilisation, length of repayment history etc. |
Application Process & Tracking Your Application Status
Step-by-step guide
| Online application process | The easiest way is to click here – APPLY NOW , you shall be taken to the card application page on the ICICI Bank website. You can also visit official website of the bank and fill out the application form. Steps : – Fill in the application form with the required personal and financial information. – Submit the application form and wait for a decision from ICICI Bank. |
| SMS banking process | Simply SMS “PLAT” to 5676766, and a representative from ICICI credit card department will contact you. |
| Offline (face to face) application process | You can visit any of the nearest branches of the bank and talk to an executive regarding the process. To find the branch nearest to you, visit here. |
Tracking your application
| You can track the status of your application through the ICICI webpage. | STEPS : 1. Visit the ICICI Bank official website and navigate to the ‘Track Application’ page. 2. Enter the required details – mobile number and date of birth OR mobile number, application number and date of birth 3. Click on the ‘Submit’ button to check the status of your application. 4. The page will display the current status of your application, whether it is under processing, approved, or rejected. 5. If your application is approved, you will receive a notification from ICICI Bank regarding the dispatch of your ICICI Platinum Chip credit card. Note: You can also track your application status by calling the ICICI Bank customer care number. |
Necessary documents and verification
| Required documents | – Income documents – PAN card – Identity proof : Aadhaar card , or any other government-issued ID proof – Residence address proof : Recent utility bill or rental agreement The bank may also ask for additional documents on a case to case basis, if required. |
Credit limit
- Credit and cash withdrawal limits are communicated during card delivery and shown in monthly statements.
- Available credit limit = Total Credit Limit – utilised limit – outstanding card loan amount outstanding (if any)
- Cash limit is a subset of credit limit and may be NIL for the first 180 days on select cards.
- Multiple credit cards under one customer (i.e. add-on cards) have a combined credit limit; exceeding this limit will result in declined transactions.
- Card members can request a review/enhancement/reduction of credit and cash limit after 12 months of membership.
- ICICI Bank can review credit/cash limits at any time and enhance them with card member consent only
Customer Support, Online Access and Security Features
| 24/7 customer support | Please click here for all the options to contact the bank for various issues and escalations |
| Security features of ICICI Bank Platinum Chip Card | Chip and PIN technology – security for offline transactions : In the past, credit cards typically used a magnetic stripe located on the back of the card to store and transact data. However, the latest generation of credit cards includes a CHIP and PIN feature, which provides enhanced security. Only you know your PIN, so even if your credit card is lost, it is unlikely to be misused since BOTH the physical card and the PIN is required to spend on the credit card. Two-factor authentication – security for online transactions : When making an online transaction, you approve your online transaction by using a One-time Password (OTP) you get on your mobile phone. Since only you know the OTP, the card is unlikely to be misused unless someone has access to BOTH your card details AND your mobile phone. This ensures a safe online purchase experience. SMS alerts and notifications – for both offline and online transactions : For your peace of mind, you get free SMS alerts and notifications for all your credit card transactions. Hence you will know about all transactions on your credit card. In the unlikely scenario of misusing your credit card, you would still get these alerts and notifications – which will help you immediately block your credit card. |
Choosing the right card for your needs & Conclusion
Lifetime free cards typically do not have a very attractive rewards program. But they tend to have the easiest eligibility criteria.
So these cards are ideal for those who are beginning their credit journey, and/or those who like the simplicity of a lifetime free credit card. Hence such cards are good beginner cards.
In case you have good income & credit scores, then you may want to take a look at credit cards which offer better rewards for most of your spending needs like shopping, travel, fuel, utility bill payments etc.
Apply Nowon ICICI Bank website
On this page
- Pros and cons
- Detailed look at the card
- Features & benefits
- Card fees & charges
- Eligibility criteria
- Application process
- Other cardholder benefits
- Choosing the right card
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